Topic: There are not even 100 people using Bitcoin in my Country. (Read 3025 times)

As much as developing countries can benefit from bitcoin, I'd lean toward not pushing it toward them until transaction volum increases and prices stabilize. Because if it is to truly be an international payment system like so many hope, it's volatility is going to need to go way down.  We in the developed world can put some savings into bitcoin, see the price fall, and replenish our savings from work. In the third world, savings don't exist like they do here - people moving from their local currency to bitcoin, only to see a significant drop will suffer to a much greater extent.

Bitcoins got potential. In the third world, it's biggest role is likely to be in he remittance market, just as an intermediate unit of account (sender buys bitcoins, sends to recipient in different country, who immediately redeems hose coins for local currency). I wonder how bitcoin stands currently - yes, transferring bitcoins is incredibly cheap, but when you factor in the spread from buying the coins on one side of the sea and the transaction, and selling for currency on the other side, how do those fees stack up compared to more traditional remittance schemes?

Abandoning from your own freedom is somewhat like being killed

Other countries use it more.

He could change it using localbitcoins or an exchange if he has a bank account; moneygram and WU will have higher fees

There is no such thing like AML that implies while receiving money  in Nepal,at least not while receiving a amount of  $100.Probably the agent is taking a advantage out of SUKU's illiteracy.

And as I already mentioned Bitcoin are not so famous in Nepal,the so called bankers doesn't even understand about what bitcoin really is?How can a remote villager could explain it to them either.Even if he is able to receive bitcoin somehow finding somebody's help over here,it would be  meaningless numbers appearing over internet to him as he has  less or zero chances of finding exchangers around his area.There are various other money transfer methods rather than just using the particular agent,such as Moneygram and Western Union.

That would make sense--that they're using some AML policy (that shouldn't actually apply) as a way to trick Suku into thinking that he doesn't have a choice except to "buy phone credits" with the remaining balance.  

I think he can read (or at least enough to get by) because he sends short emails once and a while in broken english, he has a minimal Facebook page, and he leaves the occasional comment for others.  But your point is well taken--it really is a different world in those villages.  He calls my dad (from his cell phone) in the middle of the night and for the longest time I thought that was pretty weird.  But then it hit me: he doesn't actually realize that the earth is round and that over here in Canada we're sleeping when he's awake.  Similarly, when my dad says that he wants to send money using bitcoins and tries his best to explain how bitcoins are peer-to-peer and sent over the internet, that the natural thing for Suku to do is go ask the bank for help!

There's obviously challenges to bitcoin adoption in countries like Nepal.  But I'm very hopeful. I was amazed at how pervasive cell phones were, even in remote villages, and how apt the locals were at using them.  If mobile internet becomes common (and cheap) and there's a straightforward bitcoin app, then I think it would be adopted and help make positive change.  Once it really sunk in that those numbers of the phone's screen can be traded for pieces of papers with different numbers on them, then these people will realize that those numbers on the screen are actually more convenient.    

The agent with whom the money is being sent is for sure taking the advantage of porter (SUKU) because he is illiterate.The money receiving facilities in Nepal is very easy job as many percentage of the population relies on remittance.If that's the case suku has full right to sue the bank/agent to the authorities for fraud.

Though some have now known about what bitcoin is,many haven't tried using it or just ignore to be happy as they are.

The reach of mobile telephony is common and easily available in almost every corner of the nation and so is the internet facilities.Hard fact that the internet  browsing through mobile companies is very expensive,the number of smartphone bearers have increased rapidly than in the past.Internet is stll limited to social medias still.

I would highly doubt that any government would kill in order to prevent people from using bitcoin.

What the most oppressive governments try to restrict is freedom of speech and they do so by punishing people who express ideas in opposition to the government. Even these people are generally not killed by the government but rather imprisoned.

My father sends $100 a few times a year to the porter (Suku) who carried his bags when we hiked the Annapurna circuit.  What's happened recently, according to Suku, is that the banks will only give him part of the money my dad sends as rupees.  The rest he must take as "phone credits."  Apparently, this is part of a Nepalese "anti-money laundering" initiative (this is all second-hand information relayed through a language barrier so perhaps that's not the reason).  Anyways, in addition to outrageous wire fees (paid by my father), the recipient no longer even receives the correct amount!

So, we've been trying to get him to understand what "bitcoins" are and find some way he can exchange them for rupees (or something useful to him).  But there's a language barrier and a culture gap.  Recently, he went to a bank and asked about "bitcoins" (funny I know!), but they didn't know what he was talking about.  He lives a few villages "up" after the main road ends at Besisahar.

I guess what I'm trying to say is that although very few people in your country may use bitcoin, there could be an enormous potential given your strict currency control and the questionable policies of the banks.  

BTW--when I was there several years ago, even in the deep mountains there was often cell phone reception.  But the locals all had voice-only cellphones (to access the internet, most villages seemed to have a few "internet cafes" that you could use).  Is that still the case, or is mobile internet now becoming common?

That is  why I think the best option is to educate the people so if everyone knows Bitcoin is a good thing then the person stopping them from using it is the bad guy not the helpful tool.

You need ATMs everywhere, but not "ID scan and fingertip scan NWO" type ATM shit.

yes.  they will kill.

Don't forget sometimes government prevent bitcoiner to exist..

The Internet Penetration Rate is an estimate of a country's population who has access to an internet connected device, including but not limited to phones and computers in public spaces like libraries. A person is counted towards this rate if they are above X age and have been online within the last Y days, these measures vary but the age is often less than 10 and the time span is a few weeks to a month.

So even the portion of the population online enough to hear about Bitcoin is not necessarily online enough to figure out what it is and how it could benefit them. Hence my suggestion that most of the benefits will likely begin with import/export.



Business Model: YOU use Bitcoin to facilitate overseas transactions, like buying high end electronics to resell, and skirt import payment costs like Wire Transfer fees. You then sell those goods for your local currency, exchange local for USD (under the assumption that nobody would sell BTC for Nepal $$ because nobody in Nepal really buys BTC), exchange USD for Bitcoin, and restart the process by ordering more stuff to resell.

What you need: Internet, start up funds, math, store front or online presence within Nepal.

You could end up with a nice profit. Overstock.com might be a good place to start, since they just started accepting Bitcoin for international purchases.

Many people might know about it by now due huge presence of bitcoin on medias and news.Although I am making a rough assumption depending on my experience.I believe there are not much people who have adopted bitcoin as their primary source of payment.

This kind of post makes me joyful because it gives us hope, Bitcoin gives us hope and when you have hope you keep fighting!

Create a meetup:
http://www.meetup.com/

I honestly didn't think there was many in my area either but after finding one of these, first meeting went from 6-7 people, attended the 9th one yesterday with about 70-80 - always a lot of fun.

Yeah, I guess if the Internet isn't that widely spread, it will be difficult for Bitcoin to grasp traction. I also believe that you really need the widespread adoption of mobile phones, computers, the Internet in general, etc. first, in order to have Bitcoin succeed. How do you actually measure that metric? How do you know there aren't that many people?

Until brought up by some big tycoons,the bitcoin business will not exist or sustain in the developing countries like Nepal.It's hard to make people understand while at the first place they use internet just for facebook and watch youtube vids.